Pharma Property Group Completes a $30M Portfolio Reposition

Pharma Property Group Completes a $30M Portfolio Reposition

“Over the last six months we have assisted a private investor in repositioning out of a number of underperforming Walgreens locations in order to diversify into other national credit tenants including a distribution center, quick service restaurants and auto part stores,” explained Jason Pongsrikul, Managing Principal at PPG.

“We were able to analyze the entire drugstore portfolio and identify the Walgreens assets that had higher risk of rent restructuring at the first option period.  Walgreens has been very aggressive in restructuring leases before the first option for stores that are underperforming or have above market rents.  Our client was able to pivot out of a few stores that were of concern into other credit tenants that have rental increases allowing for a hedge against inflation and more flexibility should a lease restructure be needed in the future,” said Jason Pongsrikul.

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Pharma Property Group (PPG) has over $1.3 Billion in closing transaction experience and specializes in providing commercial real estate services to landlords who own properties occupied by Walgreens, CVS and Rite Aid.  Pharma Property Group is one of the top brokerage firms in the country in drugstore property closing volume and has an unparalleled drugstore marketing platform providing access to the largest pool of drugstore landlords in the nation.

Jason Pongsrikul, Managing Principal
Pharma Property Group
5322 Banks Street
San Diego, CA 92110
www.pharmapropertygroup.com
Office: (858) 860-6591